Cotton futures jump 74–76 points in early Wednesday trading
Cotton futures surged early Wednesday morning, with the most-active contract up 74–76 points. Prices held firm even after the USDA reported U.S. cotton planted area at 9.85 million acres, above market expectations of 9.6 million. Crop progress data showed 37% of the crop had squared and 9% was setting bolls, while the good/excellent rating slipped to 48% with a notable drop in Texas. ICE certified stocks were steady at 185,034 bales, and the Cotlook A Index eased to 85.30 cents/lb.